International Gemological Institute Ltd · NSE:IGIL
International Gemological Institute — International Gemmological Institute (India) — Q4 2025 Earnings Presentation
43 slides from International Gemological Institute's earnings presentation, Jan 27, 2026
Slide 1: Exchange filing cover letter
January 27, 2026 To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G Dalal Street, Fort, Bandra Kurla Complex Mumbai - 400 001 Bandra (East), Mumbai - 400 051 BSE Scrip Code: 544311 NSE Symbol: IGIL Subject: Investor Presentation Dear Sir/
Slide 2: A Legacy of Trust. A Future of Innovation.
A Legacy of Trust. A Future of Innovation. International Gemmological Institute (India) Limited Investor Presentation | Q4 & 12M 2025
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by International Gemmological Institute (India) Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purcha
Slide 4: A Year in Summary
A Year in Summary 1 IGI delivered 21% volume growth in 12M 2025 2 Total revenue from certification for the 12M period stood at INR 11,878 Mn for the group, implying a 18% YoY growth, on the back of strong performance in ND, LGD and LGD Jewelry segments 3 The LGD industry has seen pricing stability o
Slide 5: Consolidated Results
CONSOLIDATED RESULTS
Slide 6: Q4 2025 – Certification revenue grew 23%, EBITDA growth at 26%
Q4 2025 – Certification revenue grew 23%, EBITDA growth at 26% Q4 2025 v Q4 2024 (YoY) 12M 2025 v 12M 2024 (YoY) • Total certification volumes for the quarter stood at 3.21 Mn reports, • Total certification volumes for the year stood at 12.81 Mn reports, marking a 11% YoY growth, compared to 2.88 Mn
Slide 7: Q4 2025: Revenue from Operations up 21%, EBITDA growth at 26%
Q4 2025: Revenue from Operations up 21%, EBITDA growth at 26% Number of Reports (in Mn) Revenue from Operations +11% +21% 3.2 3,197 2.9 2,650 Q4 2024 Q4 2025 Q4 2024 Q4 2025 EBITDA(1) & EBITDA Margin (%) PAT & PAT Margin (%) 57.4% 59.9% 42.9% 42.1% +26% +18% 1,913 1,346 1,522 1,138 Q4 2024 Q4 2025 Q
Slide 8: Certification revenue growth led by mix shift – Strong growth in ND & LGD
Certification revenue growth led by mix shift – Strong growth in ND & LGD loose stones A favorable mix shift towards ND & LGD loose stones drove revenue growth and an improvement in ASP Revenue mix Q4 2025 vs Q4 2024 Consequent ASP improvement (in INR) +23% +11% 2,469 3,049 951 14.4% 16.8% 859 47.8%
Slide 9: Certification revenue: Strong performance across all categories in last 12M
Certification revenue: Strong performance across all categories in last 12M Q4 CY25 v Q4 CY24 YoY CY25 v CY24 YoY Growth Growth +23% +18% 2,469 3,049 10,075 11,878 14.4% 16.8% 45% 16.2% 16.5% 20% 47.8% 52.1% 35% 52.1% 53.9% 22% 25.5% -4% 7% 19.7% 21.8% 19.8% 3% 22% 10.3% 8.7% 66% 7.3% 7.6% -3% 2.0%
Slide 10: 12M 2025: Margin expansion on the back of strong revenue growth
12M 2025 : Margin expansion on the back of strong revenue growth Number of Reports (in Mn) Revenue from Operations +21% +17% 12.8 12,291 10.6 10,532 12M 2024 12M 2025 12M 2024 12M 2025 EBITDA(1) & EBITDA Margin (%) PAT & PAT Margin (%) 56.9% 59.9% 40.6% 43.3% +23% +24% 7,367 5,316 5,997 4,273 12M 20
Slide 11: Consolidated Income Statement – Q4 2025 v Q4 2024
Consolidated Income Statement – Q4 2025 v Q4 2024 Particulars (in INR Mn) Q4 2024 Q4 2025 YoY Q4 2024 Q4 2025 # Reports (Mn) 2.88 3.21 11% Segment Mix Certification Revenue 2,469 3,049 23% ND 355 514 45% 14% 17% Total certification volumes for the Q4 2025 stood at 3.21 LGD 1181 1589 35% 48% 52% 01 M
Slide 12: Consolidated Income Statement – 12M 2025 v 12M 2024
Consolidated Income Statement – 12M 2025 v 12M 2024 Particulars (in INR Mn) 12M 2024 12M 2025 YoY 12M 2024 12M 2025 # Reports (Mn) 10.57 12.81 21% Segment Mix Certification Revenue 10,075 11,878 18% ND 1,631 1,963 20% 16% 17% Total certification volumes for the 12M 2025 stood at LGD 5,245 6,403 22%
Slide 13: EBITDA to FCF conversion improves, EPS up by 14.3% YoY
EBITDA to FCF conversion improves, EPS up by 14.3% YoY FCF to EBITDA conversion trend EPS Trends for last 3 years 59% 60% 50% +21% 7,367 CAGR 12.30 10.74 5,997 4,960 8.34 4,405 3,539 2,475 12M 2023 12M 2024 12M 2025 12M 2023 12M 2024 12M 2025 EBITDA FCF FCF/EBITDA % All figures in INR Mn except EPS
Slide 14: Consolidated Balance Sheet Statement
Consolidated Balance Sheet Statement Assets (in INR Mn) 12M 2024 12M 2025 Equity & Liabilities (in INR Mn) 12M 2024 12M 2025 Non-current Assets Equity Property, plant and equipment 1,457 1,615 Equity Share Capital 864 864 Right-of-use Assets 1,304 1,292 Other Equity 9,763 13,233 Capital Work‐in‐Prog
Slide 15: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (in INR Mn) 12M 2024 12M 2025 Cash Flow from Operating Activities Profit before Tax 5,853 7,302 Adjustment for Non-Operating Items 153 89 Operating Profit before Working Capital Changes 6,006 7,391 Changes in Working Capital -526 -19 Cash Generated from O
Slide 16: Standalone Results
& IGI j STANDALONE RESULTS
Slide 17: Q4 2025 – Certification Revenue grew 33%, EBITDA growth at 21%
Q4 2025 – Certification Revenue grew 33%, EBITDA growth at 21% Q4 2025 v Q4 2024 (YoY) 12M 2025 v 12M 2024 (YoY) • Total certification volumes for the quarter stood at 2.81 Mn reports, • Total certification volumes for the year stood at 11.33 Mn reports, marking a 12% YoY growth, compared to 2.50 Mn
Slide 18: Q4 2025: Certification Revenue growth at 33%, EBITDA growth at 21%
Q4 2025: Certification Revenue growth at 33%, EBITDA growth at 21% Number of Reports (in Mn) Revenue from Operations +12% +30% 2.8 2,470 2.5 1,903 Q4 2024 Q4 2025 Q4 2024 Q4 2025 EBITDA(1) & EBITDA Margin (%) PAT & PAT Margin (%) 74.6% 69.5% 58.7% 53.2% +21% +18% 1,717 1,315 1,419 1,117 Q4 2024 Q4 2
Slide 19: Revenue growth led by growth in loose stones and resultant ASP improvement
Revenue growth led by growth in loose stones and resultant ASP improvement Revenue growth in Q4 2025 was driven by a higher share of premium segments, resulting in a meaningful ASP uplift Revenue mix Q4 2025 vs Q4 2024 Consequent ASP improvement (in INR) +33% +19% 1,798 2,397 854 14.9% 17.1% 719 50.
Slide 20: Certification Revenue: Strong performance across categories in last 12M
Certification Revenue: Strong performance across categories in last 12M Q4 2025 v Q4 2024 YoY 12M 2025 v 12M 2024 YoY Growth Growth +33% +23% 1,798 2,397 7,639 9,401 14.9% 17.1% 53% 24% 17.0% 17.1% 50.9% 55.9% 47% 56.5% 25% 57.2% 1% 15% 24.9% 18.9% 11% 20.5% 19.1% 43% 8.9% 7.4% 96% -15% 5.4% 6.2% 0.
Slide 21: 12M 2025: Margin expansion on the back of strong revenue growth
12M 2025 : Margin expansion on the back of strong revenue growth Number of Reports (in Mn) Revenue from Operations +21% +22% 11.3 9,561 9.4 7,854 12M 2024 12M 2025 12M 2024 12M 2025 EBITDA(1) & EBITDA Margin (%) PAT & PAT Margin (%) 72.8% 73.2% 55.9% 57.2% +22% +25% 6,999 5,472 5,721 4,392 12M 2024
Slide 22: IGI India Standalone Income Statement – Q4 2025 v Q4 2024
IGI India Standalone Income Statement – Q4 2025 v Q4 2024 (YoY) Particulars (in INR Mn) Q4 2024 Q4 2025 YoY Q4 2024 Q4 2025 # Reports (Mn) 2.50 2.81 12% Segment Mix Certification Revenue 1,798 2,397 33% ND 268 410 53% 15% 17% LGD 915 1340 47% 51% 56% Total certification volumes for the Q4 2025 stood
Slide 23: IGI India Standalone Income Statement – 12M 2025 v 12M 2024
IGI India Standalone Income Statement – 12M 2025 v 12M 2024 (YoY) Particulars (in INR Mn) 12M 2024 12M 2025 YoY 12M 2024 12M 2025 # Reports (Mn) 9.35 11.33 21% Segment Mix Certification Revenue 7,639 9,401 23% ND 1299 1605 24% 17% 17% LGD 4318 5377 25% 57% 57% Total certification volumes for the 12M
Slide 24: EBITDA to FCF conversion remains strong, EPS up 14.5% YoY
EBITDA to FCF conversion remains strong, EPS up 14.5% YoY FCF to EBITDA conversion trend EPS Trends for last 3 years 61% 60% 58% +23% 6,999 CAGR 12.66 11.04 5,721 4,527 8.31 4,218 3,513 2,605 12M 2023 12M 2024 12M 2025 12M 2023 12M 2024 12M 2025 EBITDA FCF FCF/EBITDA % All figures in INR Mn except E
Slide 25: India Standalone Balance Sheet Statement
India Standalone Balance Sheet Statement Assets (in INR Mn) 12M 2024 12M 2025 Equity & Liabilities (in INR Mn) 12M 2024 12M 2025 Non-current Assets Equity Property, plant and equipment 756 884 Equity Share Capital 864 864 Right-of-use Assets 384 441 Other Equity 21,011 24,391 Capital Work‐in‐Progres
Slide 26: India Standalone Cash Flow Statement
India Standalone Cash Flow Statement Particulars (in INR Mn) 12M 2024 12M 2025 Cash Flow from Operating Activities Profit before Tax 5,868 7,319 Adjustment for Non-Operating Items -103 -255 Operating Profit before Working Capital Changes 5,765 7,063 Changes in Working Capital -573 1 Cash Generated f
Slide 27: Industry and Company Overview
INDUSTRY AND COMPANY OVERVIEW
Slide 28: Strong demand and supply trends in natural, lab grown diamond value pools
Strong demand and supply trends in both natural, lab grown diamond value pools - IGI well positioned to unlock growth in both segments IGI’s presence Natural diamond (ND) Lab grown diamond (LGD) across key diamond markets provides Rising affluence and spends driving higher ticket sizes exposure to t
Slide 29: Strong growth outlook in LGD market with significant reactor investment
Strong growth outlook in LGD market with significant investment in reactors in the last 2 years, with significant planned capacity scale up in 2026 Indian LGD growers have increased capacity consistently over the ~3x growth in LGD production in the last 3-4 yrs years; strong line of sight for FY26 i
Slide 30: LGD Industry enters a volume-scale phase, creating structural upside for IGI
LGD Industry enters a volume-scale phase, creating structural upside for IGI Lab grown diamond market is expected to grow in coming years. Scale, and efficiency are structurally increasing the need for certification Export volumes of polished LGDs from Share held by top 5-6 players in LGD Lab Grown
Slide 31: IGI has strong presence across all categories
IGI has strong presence across all categories LGD loose diamonds ND loose diamonds 10 to 20 USD Mn 20 to 30 USD Mn 30-35% 65-70% 85-90% Market Size of 30-35% 65-70% 55-65% Market Size of certified market certified market Uncertified Certified IGI Market Share Others Uncertified Certified IGI Market
Slide 32: In Conclusion
In Conclusion Structural tailwinds across diamonds: Industry is transitioning toward higher transparency, traceability, and 1 certification intensity across LGD and ND, structurally expanding IGI’s addressable market 2 LGD inflection creates multi-year visibility: Rapid scale-up in LGD volumes, razo
Slide 33: Historical Financial Performance
HISTORICAL FINANCIAL PERFORMANCE
Slide 34: 12M 2025 consolidated financial performance
12M 2025 consolidated financial performance(1) Number of Reports (in Mn) Revenue from Operations EBITDA & EBITDA Margin (%) 56.9% 59.9% +21% +17% 12.8 12,291 +23% 10.6 10,532 7,367 5,998 12M 2024 12M 2025 12M 2024 12M 2025 12M 2024 12M 2025 PAT & PAT Margin (%) Return on Capital Employed(2,3) (%) Re
Slide 35: 12M 2025 standalone financial performance
12M 2025 standalone financial performance Number of Reports (in Mn) Revenue from Operations EBITDA & EBITDA Margin (%) 68.6% 71.2% 72.8% 73.2% +24.3% CAGR 11.3 +24.9% +27.6% 9.4 CAGR CAGR 7.2 9,561 6,999 5.9 7,854 5,721 6,362 4,527 4,909 3,365 12M 2022 12M 2023 12M 2024 12M 2025 12M 2022 12M 2023 12
Slide 36: Annexures
ANNEXURES
Slide 37: Q4 CY25 Financial Performance – IGI Consolidated (QoQ)
Q4 CY25 Financial Performance – IGI Consolidated (QoQ) Number of Reports (in Mn) Revenue from Operations -7% +5% 3.5 3,197 3.2 3,037 Q3 2025 Q4 2025 Q3 2025 Q4 2025 EBITDA(1) & EBITDA Margin (%) PAT & PAT Margin (%) 58.0% 59.9% 42.7% 42.1% 9% +4% 1,913 1,298 1,346 1,762 Q3 2025 Q4 2025 Q3 2025 Q4 20
Slide 38: Consolidated Income Statement – Q4 2025 v Q3 2025 (QoQ)
Consolidated Income Statement – Q4 2025 v Q3 2025 (QoQ) Particulars (in INR Mn) Q3 2025 Q4 2025 QoQ Q3 2025 Q4 2025 # Reports (Mn) 3.45 3.21 -7% Segment Mix Certification Revenue 2,941 3,049 4% ND 490 514 5% 17% 17% Total certification volumes for the Q4 2025 stood at 3.21 LGD 1538 1589 3% 52% 52% 0
Slide 39: Q4 2025 Financial Performance – IGI India Standalone (QoQ)
Q4 2025 Financial Performance – IGI India Standalone (QoQ) Number of Reports (in Mn) Revenue from Operations +3% -9% 3.1 2,408 2,470 2.8 Q3 2025 Q4 2025 Q3 2025 Q4 2025 EBITDA(1) & EBITDA Margin (%) PAT & PAT Margin (%) 72.8% 69.5% 57.8% 53.2% -2% -5% 1,754 1,717 1,391 1,315 Q3 2025 Q4 2025 Q3 2025
Slide 40: IGI India Standalone Income Statement – Q4 2025 v Q3 2025 (QoQ)
IGI India Standalone Income Statement – Q4 2025 v Q3 2025 (QoQ) Particulars (in INR Mn) Q3 2025 Q4 2025 QoQ Q3 2025 Q4 2025 # Reports (Mn) 3.08 2.81 -9% Segment Mix Certification Revenue 2,381 2,397 1% ND 408 410 0% 17% 17% LGD 1,311 1,340 2% 55% 56% Total certification volumes for the Q4 2025 stood
Slide 41: Pedigreed and independently-led board of directors
Pedigreed and independently-led board of directors ANOOP MEHTA BIMAL TANNA TEHMASP NARIMAN PRINTER SANGEETA TANWANI Chairman and Independent Director Independent Director Managing Director & Chief Executive Officer Independent Director 30+ years in Diamond Industry Ex-Partner, PwC (20+ years of expe
Slide 42: Shareholding pattern
Shareholding pattern Shareholding Pattern (31st December 2025) Key Institutional Investors 7.75% Investor % Holding 5.15% Promoter (Blackstone) 76.55% 10.55% Top DIIs (Banks, MFs, AIFs and Insurance) 5.15% ICICI Prudential Asset Mgmt 1.65% Top FPIs / FIIs 10.55% 76.55% Government of Singapore 1.97%
Slide 43: Thank You
Thank You COMPANY : International Gemmological Institute (India) Limited CIN : U46591MH1999PLC118476 Mr. Hardik Desai Tel: 022-40352550 E-mail: investor.relations@igi.org www.igi.org INVESTOR RELATIONS ADVISORS : MUFG Intime India Private Limited A part of MUFG Corporate Markets, a division of MUFG
International Gemmological Institute (India) — Q4 2025 Earnings Presentation on 6ix